GOLD = TIER1 / Powell under pressure / ADP weaker, NFP up next & the Big Beautiful Bill likely pass today

Stéphan
Jul 3
3 min read

Markets : UK markets got hit on possible departure of Rachel Reeves (gilts, GBP softer on risk of higher debt-spending). After the much weaker ADP, NFP next up today (likely to be softer, maybe much softer), the BBBill is going to struggle through, its a pretty tight affair to be fair ! should have a result today, good timing for some 4th July celebration. Equity markets on highs, slightly higher highs/overbought and USD quiet/stead/oversold in short-term but so far no reaction/short-covering rally, beware of possible wild price action today on an 'outside' NFP number ahead of a long weekend... July FED could be in play on a much weaker one only, otherwise market has already its 3x FED cuts priced in for later on in the year, starting with a Sep FED cut
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